Business Education

5 Ways Small Businesses can Weather Uncertain Economic Times

With regular life all but suspended and so much uncertainty, small businesses will most definitely feel the impact. Although most of it will occur in the short term, it could well have long-term impacts, lasting far beyond the next several weeks. That means it’s time to hunker down and get serious about the situation to minimize any potential damage.

5 Ways Small Businesses can Weather Uncertain Economic Times

The very first thing to do is to review all expenses. Not just some or the top, but everything. You’ll likely be reminded of at least one that’s either unnecessary or simply too costly to maintain in its current status.

In an uncertain economy when every penny counts, even the smallest increase in revenue or reduction in expenses can have an impact on company profitability. The good news is a large-scale company overhaul isn’t necessary. It’s often simple, common sense steps that improve the bottom line, especially for a small business. Q1, 2020 is a good time to step back and look carefully at your business practices. —American Express

Then, it’s time to start to reduce discretionary spending. Here again, don’t just settle for around the margins. Instead, think about where you can cut when it comes to discretionary spending. You’ll probably be surprised by how much you’re wasting and don’t even realize it.

More Ways of Dealing with an Economic Downturn

Of course, those two things won’t do it alone. While reviewing expenses and cutting down on discretionary spending will most certainly help out, you’ll probably be able to do more — a lot more. For instance, you can do the following:

Buy more carefully. This is different from discretionary because these entail essentials. Although these things are necessities to run your business, you can probably get away with buying a little less. Doing so across a few or several items will have a cumulative savings effect that will make a real difference.
Cut down on extras. Overtime, perks, even benefits are all part of this particular category. (You should be doing this periodically, about once to twice per year, anyway.) Again, you’ll likely be a bit shocked by how much these items are costing you, especially when added-up together.
Consider cutting pay. This doesn’t just apply to your employees, but you as the owner, as well. Yes, you. It might be necessary to reduce team member hours, and even take a temporary pay cut yourself. This will not only help you weather the storm, but also, it shows real leadership. Moreover, it sends a clear message that you are part of the solution, rather than part of the larger problem.
Innovate. Huddle up with your key employees and leaders and challenge everyone with to come up with 2 or 3 innovative strategies to create or capture new revenue sources that you are currently not generating. Many successful businesses have found way to survive and in some cases developed entirely new services and products that resulted from innovating during difficult times. Necessity is the mother of invention. Plato.

What other measures would you suggest? Please share your thoughts and experiences by commenting!

Interested in learning more about business? Then just visit Waters Business Consulting Group.

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How to Deal with Employees Who Don’t get Along

August 13, 2020 No Comments

You may have some terrific employees who always deliver on their promises and go above and beyond expectations. They intuitively know where to pick up on certain projects and how to get the job done right. You wish that all your employees delivered the same high quality work, but you’re content that you have enough to really help make your company stand out. There’s just one problem — they don’t get along. It’s a real shame, because when teamed up, they ostensibly could do so much more. However, putting them together in the same room sets off a series of bickering and arguments and the whole thing becomes counterproductive. So, how do you deal with employees who don’t get along but are otherwise great assets to your company? Disagreement Can be a Good Thing While you’d like everyone to get along and work in harmony, you’ve got to remember that differences of opinion can be quite helpful. Call it devil’s advocate or thinking outside the box, but whatever it is, it can help you see certain things you would not otherwise consider. After all, different perspectives can help stir creativity and lean to solutions that you wouldn’t have thought of before. Managers face a sticky problem when confronted with two adults in the same office who won’t get along. The tension between the two employees affects their work as well as the work of others in close proximity to their conflict. Employees become stressed because just coming into the office feels uncomfortable. —The Balance Careers Disagreement can even lead to resolving issues that previously could not be solved. Sometimes, revisiting old problems can help people see others points of view and they become friends as a result, with a good working relationship. Of course, this magical moment doesn’t always happen, and it’s much more common than employees hold on to their differences instead of putting them aside to work together without strife. How to Deal with Employees Who Don’t get along The one thing you can’t do is ignore it and let the conflict fester. It will only worsen and that will eventually cause it to spread to other people. It could easily destroy company-wide morale. So, deal with it right away, by doing the following: Meet one-on-one. This is a great way to learn about the conflict from each person’s perspective. It will also give you a sense of where each individual is coming from. Plus, it will help you identify the real source of the problem. Meet together. After you have a better understanding of what’s going on, then you can meet together. Then, take the time to go over what each said to you separately and ask if what you recapped is a fair assessment. If so, you can work out one or more solutions. Follow-up regularly thereafter. Of course, you can’t just assume that will fix the situation for good. You’ll need to follow-up with both parties and do so routinely (at least for the foreseeable future). Be prepared to take additional action. It’s quite possible you’ll need to take more action. (It could even result in dismissing one or both of them. Or, some form of discipline, if necessary.) Should you need to devote more time, then it is definitely worth asking yourself if it’s worthwhile or descending into an unnecessary distraction. What other suggestions do you have for dealing with employees who don’t get along? Please take a moment to share your thoughts and experiences by commenting and giving others something to consider. Interested in learning more about business? Then just visit Waters Business Consulting Group.

How Small Business Owners Can Determine Which Social Media Sites Are Best Suited to Promote Their Products and Services

July 20, 2023 No Comments

With the launch of Threads by Instagram, parent company Meta has introduced yet another social media platform. On its first day alone, the site acquired more than 70 million sign-ups. By the weekend, it accumulated over 100 million. That’s an impressive feat, given the current landscape is dominated by the likes of Facebook, with 2.9 billion monthly active users, Instagram, with 2.35 billion monthly active users, and YouTube, with 2.6 billion monthly active users. But, it also adds to the already large pool of social sites, with roughly 128 portals. However, the average person only engages with 5 or 6 at the most. So, that means small business owners need to choose wisely. How Small Business Owners Can Determine Which Social Media Sites Are Best Suited to Promote Their Products and Services In today’s digital age, social media has become an essential tool for small business owners to promote their products and services. However, with an abundance of social media platforms available, it can be overwhelming to determine which ones are best suited for your business. Below is a simple guide small business owners can use to help them determine the right social media platforms to effectively promote their products and services. Understand Your Target Audience The first step is to clearly define your target audience. Understand their demographics, interests, and online behaviors. Consider factors such as age, location, gender, and preferences. This understanding will help you identify the social media platforms where your target audience is most likely to be active. Research Popular Social Media Platforms Conduct thorough research on the various social media platforms available. Familiarize yourself with their features, strengths, and user demographics. Some popular platforms include Facebook, Instagram, Twitter, LinkedIn, Pinterest, and YouTube. Each platform has a unique user base and offers different features and advertising options. Analyze Platform User Demographics Compare the demographics of your target audience with the user demographics of each social media platform. Look for alignment between your target audience and the user base of the platform. Evaluate factors such as age, gender, income level, and interests. This analysis will help you identify platforms that have a higher concentration of your target audience. Consider Platform Features and Content Format Different social media platforms offer various features and support different content formats. Consider the nature of your products or services and determine which content formats would best showcase them. For instance, if your business relies heavily on visual content, platforms like Instagram or Pinterest may be more suitable. If your business focuses on professional services, LinkedIn might be a better fit. Assess Competitors’ Social Media Presence Analyze how your competitors are utilizing social media. Identify the platforms they are active on and observe their engagement and follower base. This analysis can give you insights into which platforms are effective for businesses in your industry. However, remember to differentiate your strategy and not merely replicate what your competitors are doing. Determine Your Resources and Time Commitment Consider your available resources and the time you can allocate to social media marketing. Each platform requires time and effort to create and maintain a strong presence. Evaluate your capacity to consistently create quality content, engage with followers, and respond to inquiries on different platforms. It’s better to focus on a few platforms and excel rather than spreading yourself too thin. Test and Measure Platform Effectiveness Start with a few selected platforms that align with your target audience, business goals, and available resources. Create compelling content, engage with your audience, and measure the results. Monitor key metrics such as reach, engagement, click-through rates, and conversions. Analyze which platforms yield the best results and focus your efforts on those that generate the highest return on investment (ROI). Adapt and Evolve Your Strategy As your business evolves and social media trends change, be open to adapting your strategy. Monitor emerging platforms, stay up to date with industry trends, and be willing to experiment with new platforms if they align with your target audience. Regularly assess the effectiveness of your chosen platforms and make adjustments to maximize your social media marketing efforts. In summary, choosing the right social media platforms for small business promotion is crucial for effective marketing and reaching your target audience. By understanding your target audience, researching platform demographics, considering features and content formats, assessing competitor presence, and evaluating your resources, you can make informed decisions. Regular testing and measurement of platform effectiveness will allow you to refine your strategy and maximize the impact of your social media marketing efforts. Remember, social media is a dynamic landscape, so be flexible and adapt your approach to stay ahead of the curve and connect with your audience effectively. What other suggestions do you have for how small business owners can determine which social media sites are best suited to promote their products and services? Please share your thoughts and experiences so others can benefit from your input! Interested in learning more about business? Then just visit Waters Business Consulting Group to learn more about us and the services we offer.

Are You Delegating or Demanding

May 24, 2017 No Comments

Throughout the course of building a business, you’ll learn over time to delegate tasks and responsibilities to various people with the right skill sets. Some of the most successful entrepreneurs, like Sir Richard Branson and Mark Cuban, state no one can do it alone. That’s certainly true, you can’t do everything on your own and for those who attempt to do so, learn the hard way it’s an open invitation to trouble and even outright failure. The best business owners know their strengths and weaknesses and through this recognition, develop strategies and relationships which maximize their professional potential. Are You Delegating or Demanding? Delegating responsibilities is just part of doing business. Done smartly, this increases productivity and gives companies potential to grow and prosper. It also allows team members to realize their potential and creates a healthier and happier work environment. Delegating shows your confidence in someone and gives them pride to take ownership of certain areas. In addition, delegating allows you to focus on what’s most important while others can put their efforts into other tasks. Delegating is a great way to ensure that more tasks get done in less time, and it also builds team capacity. Unfortunately, a lot of managers don’t pay enough attention to the delegation process, and thus fail to reap the benefits. —Fast Company Another aspect of delegating is it gives you the opportunity to evaluate a person’s performance. When you give a team member responsibility, their approach and results will speak volumes about what kind of work ethic he or she has and what he or she believes are acceptable standards. In addition to evaluation, delegating gives you the ability to learn which of your team members are best suited for certain tasks. All of these things are great about delegating — if you are sincere. However, there is a real difference between delegating and demanding. Demanding does the opposite of delegating. It stifles creativity, decreases productivity, and poisons the workplace. It also drives a wedge between you and your employees, as well as creates tensions among your team members. Demanding doesn’t give you a true chance to evaluate, either, because it puts unnecessary pressure on people. Here are some signs that you’re demanding and not delegating: You rationalize unrealistic expectations. When you demand, you know it to be the case, as does the other person. This creates a need to rationalize unrealistic expectations, not only to the other person, but to yourself. In the end, no one is fooled, but, it gives you at least a pretense of having reason to demand. Your employees mislead or lie to you. If you get the feeling or learn that an employee is misleading or lying to you, there’s definitely a reason. Before jumping to conclusions, you should look back and think about the overall situation. For instance, if you interrogate an employee who wants time off, you’re creating an atmosphere where there’s little choice and lying becomes the only viable option. You create emergency situations. We all know that unexpected things crop-up from time to time, but, if you’re turning every surprise into an emergency, you’ll feel an undue urgency and that can easily lead to demanding. You justify your actions as legitimate and/or legal. If you ever have to ask if something is legal just to get it done, that’s troubling. You shouldn’t have to walk such a fine line because if you are, chances are excellent that even if it is legal, it’s not entirely ethical. You don’t want to deal with this or that. Delegating is done because it puts the best talent where it is most needed. Demanding comes from a need to get something done, particularly a task that you don’t want to deal with personally. Another sign that you’re demanding rather than delegating is your willingness to take credit or give credit to the person who deserves it. If you are taking credit of the work of others and not giving credit where it is due, that’s unethical and will undermine your entire organization. In summary, your employees are your greatest appreciable asset. Invest in them through servant style leadership by delegating with clear expectations and the kind of results you are looking for … then ask; “what can I do to help you succeed with this responsibility or project?” Want to find out about what a business coach can do for you? [shareaholic app=”follow_buttons” id=”26833294″]

5 Ways Small Businesses can Weather Uncertain Economic Times